Gunbot Reviews – Is Gunbot a Scam or a Top Trading Bot?
If you do a search online for cryptocurrencies, you will quickly realise that digital currencies have become extremely popular, not only as a form of payment but as a preferred asset of traders around the world. When new assets enter the markets, software developers quickly jump on board to create and develop solutions and products that boost trading efficiency and success. These include trading bots that work automatically and find trading opportunities in the markets, to systems that provide traders with trading signals which they can implement manually.
Not all these solutions are effective, and many will simply scam people out of their hard-earned cash, but some really do work and today, we will take a look at Gunbot.
First Impressions
When you enter the Gunbot website, you will notice that this system is described as a crypto trading bot that allows you to trade a choice of cryptocurrencies on a wide selection of exchanges. Another feature that is highlighted is the fact that Gunbot is automated which means that a trader can simply let the bot do the work, as they earn a passive income.
The site also provides some information regarding how Gunbot works and while it sounds simple in principle, the true test will be when we download the software and start trading. Since we have had the opportunity to review and test many products for cryptocurrencies, we understand the features that are required to make the process simpler and profitable. The Gunbot site also provides details of their pricing plans and you are able to choose from 6 different types of licenses in order to trade.
To really understand Gunbot and what this software has to offer, let us explore it in more details.
What Does Gunbot Have to Offer?
As we have said, Gunbot is an emotionless crypto trading bot that enables you to trade a variety of cryptos automatically. The software uses a number of individual strategies, which you can then customize to suit your trading style and preferences. In addition, the Gunbot software works on a choice of exchanges including Bittrex, Bitmex, Binance, Kraken and GDAX, to name a few.
So, this is where we found our first obstacle on our way to trading cryptocurrencies with Gunbot. We have limited understanding of the crypto market. That is, we know about the popular cryptocurrencies, such as Bitcoin, but we do not know much about the different exchanges and what they have to offer.
In addition, our knowledge of trading online is limited so for us to start customizing trading strategies, we clearly need more experience in the financial markets and an understanding of how to apply the right strategy based on the condition in the markets.
Let’s stop here for a minute.
We recently reviewed another crypto trading bot, called Algo Signals, and the experience was completely different to that of Gunbot. With Algo Signals, you really do not need any prior experience.
Since you are not trading on the different exchanges but are simply trading crypto CFDs on a broker’s platform, the learning curve suits all kinds of traders, even those who have no prior experience or trading knowledge
Now, we are not saying that Algo Signals is necessarily better than Gunbot, we are simply saying that right from the start, it is evident that we will need to increase our knowledge before we can use Gunbot to its full potential.
Cost of Using Gunbot
As we have mentioned, there are many products available in the market to help boost your trading success. On the Gunbot website, they offer a choice of pricing plans and you are then able to choose the best license to suit your trading needs. To put this into perspective, we will look at the Gunbot Standard Edition license.
It tells you that the cost of this license is 0.1 BTC (Bitcoin). For this cost, you get a lifetime license, access to all strategies, such as TSSL, Stepgain and a lot more, 1 exchange is included, easy setup, free support 24/7 and access to a choice of exchanges, such as Kraken. The software also works on different operating systems including Windows, Linux and Mac.
You can also choose the Gunbot Pro Edition license, the Gunbot Ultimate Edition license, the Gunbot Starter Edition license, the Extra Exchange license and the Backtesting license.
Is Gunbot For All Traders?
Okay, this is where we were stumped! We really had no idea which license to choose and which one would suit our needs. So, we decided to choose the license that ‘sounded’ like it offered what we needed and we signed up for the Gunbot Standard Edition. Once we clicked on the ‘Buy Now’ button, we were redirected to a Gunthy payment page (yes, it was a little confusing for us).
Here, we were instructed to deposit Bitcoin to a specific Bitcoin address. We were then told to enter our ERC-20 compatible Ethereum wallet address. Once this is done, you then automatically receive a number of GUNTHY tokens on your wallet, and these are used to permanently validate your license ownership through the blockchain. So, to be quite honest, this process was very intimidating. Since we did not own any Bitcoin, we needed to first purchase digital coins from an exchange in order to use Gunbot.
We also were not sure what Gunthy coins are and when we searched online, we read that Gunthy is the only official Gunbot community and that Gunbot is an automatic profit generator for Poloniex, Kraken, Bittrex and Cryptopia. Huh?! To be very honest, I did not really understand how Gunthy fitted into the picture and I didn’t enjoy the process we had to follow in order to signup with Gunbot.
When I compare this to our experience with Algo Signals, it is clearly evident that Algo Signals software is more suited for traders who want a simple and straight-forward solution to trading cryptocurrencies. Algo Signals does not charge anything to use their software.
You do not need to buy a license and you certainly do not need to pay for your license using Bitcoin. Just on this alone, Algo Signals is my preferred choice.
Demo Trading – Test the Software
With everything we have described so far, it would have been a great feature if Gunbot offered a demo account. The whole sign up process was very complicated and I think that if we could have tested the software free of charge before trying to purchase real Bitcoins so we could sign up, this would have been a big benefit.
We had to follow a complicated process without even knowing if Gunbot would meet our needs and if it would even work. In comparison, Algo Signals offers a demo trading account. This allows you to practice trading and to test their trading tools and features with virtual funds, which means no risk. In addition, it is very simple to set up an account with Algo Signals. You can access their software for free and once you have selected one of their preferred brokers, you need to simply deposit $250, which you then use to trade cryptocurrencies. It simply doesn’t get any easier than this.
Evidently, Gunbot seems to be more suitable for advanced traders while Algo Signals can easily be used by both new and professional traders, making cryptocurrency trading far more accessible.
Gunbot Review – Set Up Process
A big difference between Gunbot and Algo Signals is the setup process. Both Gunbot and Algo Signals are trading software that enable you to trade cryptocurrencies. With Algo Signals, you do not need to download any software.
They have also selected a choice of regulated and licensed brokers and this gives you the flexibility to trade with multiple brokers and to switch between them in order to take full advantage of movements in the markets.
Once you have selected your preferred broker, you can then also customize the trading platform based on your preferences. You can also set up the probability of the trading signals you receive and you have the choice of trading manually or automatically.
In comparison, with Gunbot, you need to download the software and then configure the bot with the API key you receive from the exchange. You will then need to configure the bot based on your trading preferences. For example, you can select the currency pair you wish to trade, how much you want to invest and then you need to set the strategy.
This is where we really had a lot of difficulty. While Gunbot states they offer 32 different trading strategies, you really need a lot of experience to know which strategy to select. It gives you, for example, a choice of using Ichimoku, Ping-Pong, or the TSSL strategy.
The bot then uses the highs and lows in order to decide whether to sell or buy cryptocurrencies and it uses customizable technical tools, like Bollinger Bands, to do this. Since we have no real experience with trading indicators, this process was very complicated Remember that when you sign up with an exchange, you will need to reveal your API keys to a third party and then you can access their trading platform in order to trade. In comparison, the process with Algo Signals was much simpler and we liked the fact that we did not need a deep understanding of the complex trading strategies, such as Ichimoku, in order to trade.
The choice really is about personal preference so if you are an advanced trader who owns Bitcoin and you understand the different trading strategies, Gunbot & Cryptohopper might be the right choice for you.
Pros and cons
To really understand what Gunbot has to offer, let us look at the benefits that this software offers as well as the negative elements.
Comparison of Gunbot and Other Crypto Bots
The fact is, there are no two traders who are the same. Every trader has their own trading risk and trading preferences, which means that different products will appeal to different traders.
Below we have provided a comparison table of the Gunbot features to other crypto software which are available in the industry.
Bottom Line
When we used the Gunbot software, while there was no indication that it is a scam, we did find it very complicated to use. We did not like the fact that we had to own Bitcoin in order to sign up to use the Bot and we also found it very confusing when we received Gunthy coins in place of our Bitcoin.
We also had a very difficult time understanding how to set up the software and while we opted to use the default strategies, I am sure if we had more experience, we could have used the Gunbot features more effectively.
When it comes to trading, each trader has their own preference and they use their preferred tools and solutions to boost their trading success. Based on this, while Gunbot meets the needs of some traders, we found other systems, such as Algo Signals, to be more suited to our needs and far superior in terms of ease of use. This system enabled us to enter the cryptocurrency market and to profit.